On the latest market-wide plunge (Santiment Weekly Report)
Whether it’s Biden’s tax plan, South Korea’s crypto crackdown or a medley of overvalued conditions, Bitcoin has faced another correction Friday, dropping to a 50-day low of $47,984 according to some price aggregators.
And while the top coin has recovered slightly since - now hovering around the $50k mark - the market sentiment has ostensibly shifted over the last week of price action.
With its worst week since March 2020, let’s take a look at Bitcoin’s latest on-chain, social and fundamental indicators, and what they may suggest about Bitcoin - and the market’s - potential moving forward.
Bulls in full retreat
While unsurprising, the latest market-wide crash has quickly erased most signs of bullish bias from Bitcoin charts and beyond.
After surging to a 2-month high on April 14th (in line with BTC’s latest price ATH), the average sentiment towards
There’s more of this Insight
Choose your subscription plan
Years of market experience, compressed in each report
Since 2017, Santiment has been an industry leader in on-chain data, social intelligence and behavior-based analysis of the crypto market.
Our tools have a proven track record of timing price tops for cryptocurrencies, helping traders find profitable exit points and mitigate HODLing risk.
Our previous TOP calls:WAVES crowd sentiment patternMATIC charts a new ATH: is the top in?ICX insanity. How far could it go?
What you get with Sanbase Pro:
- Members-only daily market insights and analysis
- 30+ on-chain, social & project indicators for 900 cryptocurrencies
- Custom alerts for the coins' price, on-chain & social trends
- Santiment Spreadsheet plugin with 10+ pre-made market templates
- Personalized asset watchlists and weekly performance reports
Gain unfair advantage with Sanbase Pro
Subscribe to Sanbase Pro for access to exclusive insights, market-beating metrics, strategies and templates!